Yesterday’s signals were not triggered as neither of the key levels were ever reached.
Today’s USD/CHF Signals
Risk 0.75% per trade.
Trades must be taken before 5pm London time today only.
Short Trade 1
* Go short after bearish price action on the H1 time frame following the next touch of 1.0059.
* Put the stop loss 1 pip above the local swing high.
* Move the stop loss to break even once the trade is 20 pips in profit.
* Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Long Trades
* Go long after bullish price action on the H1 time frame following the next touch of 0.9997 or 0.9958.
* Put the stop loss 1 pip below the local swing low.
* Move the stop loss to break even once the trade is 20 pips in profit.
* Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.
USD/CHF Analysis
Very little happened yesterday, the market is naturally quite flat ahead of the key FOMC release due later. There is technically a long-term bearish trend in this pair, but I would be cautious about picking a bearish reversal at 1.0059 and am more optimistic that a return to the parity level might provide another long trade opportunity.
There is nothing due today regarding the CHF. Concerning the USD, there will be a release of the ADP Non-Farm Employment Change forecast at 1:15pm London time, followed at 3pm by ISM Non-Manufacturing PMI and Crude Oil Inventories half an hour later. Finally, and most importantly, there will be a release of the FOMC Meeting Minutes at 7pm.